Financials · Regional Banks · US stock · price as of 16 Oct 2026
Key indicators
Price
$215.28
52-week range
$169.89 – $254.31
Market cap
$31.6B
P/E (trailing)
10.9×
Dividend yield
2.8%
Revenue (last 12 months)
$1.7B
Revenue growth (3y a year)
−41.3%
Price / book
1.1×
Return on equity
10.9%
Fair value
Blended fair value$247.20 book-value models
Versus priceFair+15% to fair value
Excess-return model (banks, insurers)
$203.81
Price / book vs return on equity
$312.28
Model uncertainty
High
X-Ray Score
62/ 100 · Medium confidence · ahead of 83% of sector peers
Valuation76
Growth48
Profitability44
Financial health79
Dividends63
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
M&T Bank is a regional bank holding company with its main operations in the northeastern and mid-Atlantic United States. Through its banking subsidiary it takes deposits and makes commercial, real estate and consumer loans, and it also offers wealth management and trust services. Most of its income is net interest income, which is the gap between interest earned on loans and securities and interest paid on deposits, plus fee income.
Over the last twelve months M&T Bank Corp reported revenue of $1.7 billion, which declined at 41.3% a year across three years. Its operating margin is 230.3% and its return on invested capital is 11%. The company pays a dividend with a yield of 2.8%.
StocksXray gives M&T Bank Corp an X-Ray Score of 62 out of 100 (medium confidence), ahead of 83% of the S&P 500 stocks in its sector. Its strongest lens is financial health (79) and its weakest is profitability (44).
Our fair value blend is $247.20. At $215.28 the stock trades 13% below that blend, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
M&T Bank Corp (MTB)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$132.27
$128.38
$126.22
$178.80
$197.42
$215.28
Market cap
$17.0B
$21.1B
$21.1B
$29.9B
$31.3B
$31.6B
P/E
9.6×
11.1×
8.0×
12.2×
11.6×
10.9×
Price / book
1.0×
0.8×
0.8×
1.0×
1.1×
1.1×
Dividend yield
–
3.74%
4.12%
2.99%
2.89%
2.79%
Fundamentals checklist ● 4 Good · ● 2 Average · ● 1 Bad · each check graded against the sector
Risk models
Piotroski F-Score9 of 9Good
Growth
EPS growth (3y)13.8%Average
Revenue growth (3y)−41.3%Bad
Growth consistency100%Good
Valuation
Fair value vs price1.1×Good
Profitability
Return on invested capital10.6%Average
Operating margin230.3%Good
XStocksXray
M&T Bank Corp (MTB)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
5,992
8,179
9,643
1,541
1,657
1,703
Net income
1,859
1,992
2,741
2,588
2,851
3,033
Diluted EPS ($)
13.80
11.53
15.79
14.64
17.00
19.82
Net margin
31.0%
24.4%
28.4%
167.9%
172.1%
178.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
155,107
200,730
208,264
208,105
213,510
219,261
Cash
1,338
26,479
29,800
20,782
18,769
17,438
Total debt
3,532
7,520
13,517
13,665
13,060
18,182
Equity
17,903
25,318
26,957
29,027
29,177
27,946
Dividend per share ($)
–
4.80
5.20
5.35
5.70
6.00
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.